Will You Pay Taxes During Retirement

You may know how much you have saved for retirement in an individual retirement account (IRA) or 401(k) plan and whether you’ll get money from Social Security or a pension. But do you know how that money will be taxed? Your filing status, the sources of your retirement income, and the total amount of income you receive each year will determine your taxes in retirement. And your taxes will affect how much money you really have to live on.



It’s important to understand how your retirement income will be taxed. If you’re not yet retired and still working, having this knowledge will help you figure out how much you will have after taxes. If your after-tax income seems inadequate, you can estimate how much more you will need to save before you can retire. If you’re already retired, it will tell you whether you need to do some additional planning to avoid running out of money. Understanding how taxes will affect your retirement income can help you consider ways to minimize your tax bill and maximize your
retirement income.

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Hey ya'll ! I really love finances and talking about ways to make it easier to make more, save more, give more, and of course spend more. So most of the stuff we will be diving into will be related to finances with the odd topic here and there, plus maybe a special appearance from Rocko, my big pittie baby! I want to start off with easier concepts and the basics of money and work my way into the more difficult and nuance topics. You may be asking, why would I ever listen to you about anything? That's a fair point, and you don't have to. However, I would love to take this journey with you into the financial world and together we can learn and grow, not only our knowledge but our bank accounts too! I am not a Financial Advisor, any investment commentary are my opinions only.

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